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AVAILABLE-FOR-SALE SECURITIES
 6 Months Ended
Mar. 31, 2021
Debt Securities, Available-for-sale [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES
Available-for-sale securities are primarily comprised of agency MBS and agency CMOs owned by RJ Bank. As of October 1, 2020, we adopted new accounting guidance related to the measurement of credit losses on financial instruments, including available-for-sale securities. Refer to Note 2 for further information about this guidance and a discussion of our available-for-sale securities.

The following table details the amortized costs and fair values of our available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
March 31, 2021    
Agency residential MBS
$4,762 $53 $(31)$4,784 
Agency commercial MBS
1,194 10 (36)1,168 
Agency CMOs
2,193 15 (17)2,191 
Other securities
15 — — 15 
Total available-for-sale securities
$8,164 $78 $(84)$8,158 
September 30, 2020    
Agency residential MBS
$4,064 $74 $(3)$4,135 
Agency commercial MBS
948 22 (1)969 
Agency CMOs
2,504 27 (1)2,530 
Other securities
15 1 — 16 
Total available-for-sale securities
$7,531 $124 $(5)$7,650 

The amortized costs and fair values in the preceding table exclude $14 million and $15 million of accrued interest on available-for-sale securities as of March 31, 2021 and September 30, 2020, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 4 for additional information regarding the fair value of available-for-sale securities.
The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities.  Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, as of March 31, 2021, the weighted-average life of our available-for-sale securities portfolio was approximately 4 years.
 March 31, 2021
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$— $45 $1,811 $2,906 $4,762 
Carrying value
$— $47 $1,834 $2,903 $4,784 
Agency commercial MBS
Amortized cost
$42 $191 $856 $105 $1,194 
Carrying value
$42 $195 $827 $104 $1,168 
Agency CMOs
   
Amortized cost
$— $1 $55 $2,137 $2,193 
Carrying value
$— $1 $56 $2,134 $2,191 
Other securities
Amortized cost
$— $7 $8 $— $15 
Carrying value
$— $7 $8 $— $15 
Total available-for-sale securities
Amortized cost
$42 $244 $2,730 $5,148 $8,164 
Carrying value
$42 $250 $2,725 $5,141 $8,158 
Weighted-average yield
2.10 %2.14 %1.27 %1.03 %1.15 %

The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.
 Less than 12 months12 months or moreTotal
$ in millionsEstimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses
March 31, 2021
Agency residential MBS
$2,772 $(31)$— $— $2,772 $(31)
Agency commercial MBS
756 (36)— — 756 (36)
Agency CMOs
1,210 (17)25 — 1,235 (17)
Other securities
3 — — — 3 — 
         Total
$4,741 $(84)$25 $— $4,766 $(84)
September 30, 2020
Agency residential MBS
$966 $(3)$— $— $966 $(3)
Agency commercial MBS
177 (1)— — 177 (1)
Agency CMOs
410 (1)— — 410 (1)
Total
$1,553 $(5)$— $— $1,553 $(5)

The contractual cash flows of our available-for-sale securities are guaranteed by the U.S. government or its agencies. At March 31, 2021, of the 242 available-for-sale securities in an unrealized loss position, 241 were in a continuous unrealized loss position for less than 12 months and one security was in a continuous unrealized loss position for greater than 12 months. We do not consider unrealized losses associated with these securities to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities. In addition, unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates. At March 31, 2021, based on our assessment of this portfolio, we did not recognize an allowance for credit losses on our available-for-sale securities. At March 31, 2021, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) with amortized costs of $5.04 billion and $2.81 billion, respectively, which also approximated the fair values of the securities.

During the three months ended March 31, 2021, there were no sales of available-for-sale securities. During the six months ended March 31, 2021, we received proceeds of $519 million, resulting in an insignificant gain, from sales of agency MBS and agency CMO available-for-sale securities. The gain that resulted from the sales was included in “Other” revenues on our
Condensed Consolidated Statements of Income and Comprehensive Income. During the three and six months ended March 31, 2020, there were no sales of available-for-sale securities.